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MSI.GB MS International

803.985
-1.02 (-0.13%)
14:26:04 - Realtime Data
Share Name Share Symbol Market Type Share ISIN Share Description
MS International AQSE:MSI.GB Aquis Stock Exchange Ordinary Share GB0005957005
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -1.02 -0.13% 803.985 780.00 830.00 805.00 797.65 805.00 1,140 14:26:04
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

MS International PLC Final Results (7832A)

10/06/2016 7:00am

UK Regulatory


TIDMMSI

RNS Number : 7832A

MS International PLC

10 June 2016

 
                                            MS INTERNATIONAL plc 
                              Results for the 52 weeks ended 30(th) April, 2016 
 
    Chairman's Statement 
 
    Results and Review 
 
    It is pleasing to report that the Group has continued to build on the good progress attained 
     in the first half of the year, notwithstanding recessionary conditions in the global industrial 
     manufacturing and heavy engineering sector which progressively deepened as the year unfolded. 
 
    For the year ended 30th April 2016, profit before taxation increased to GBP1.68m (2015 - GBP1.54m) 
     on revenue up at GBP49.28m (2015 - GBP45.50m). Earnings per share amounted to 9.6p (2015 - 
     8.20p). 
 
    The balance sheet remains very strong, even after considerable investment, with net cash and 
     short term deposits amounting to GBP12.76m (2015 - GBP17.15m) at the year end. 
 
    'Defence', as we anticipated, continued its recovery with a satisfying upward trajectory in 
     revenue. This was most encouraging following the previous two years when we endured widespread 
     constraints upon international defence budgets that resulted in a disappointingly subdued 
     order intake and ensuing weaker revenues. Meanwhile our investment in products, facilities 
     and personnel development has continued unabated and there are positive signs that we are 
     beginning to reap the rewards of this important commitment. 
 
    'Forgings' manufactures on three continents producing a complete size-range of original equipment 
     fork-arms for the forklift truck, construction, agricultural and quarrying equipment manufacturing 
     industries together with after-market products. It experienced a most challenging time as 
     many markets it serves were adversely impacted by the sheer scale of deepening recessionary 
     conditions. As a consequence, the division's three business operations in the UK, USA and 
     Brazil, had to contend with reduced weekly orders and revenue. Nevertheless, relentless tight 
     control of costs and further investment in production efficiency drivers went some way towards 
     countering the negative effects of the slowdown. 
 
    'Petrol Station Superstructures' traditional business of design, manufacture and construction 
     of petrol station canopies, convenience stores and car-wash buildings across the UK, Eire 
     and Eastern Europe also experienced a notable downturn in activity as many customers - the 
     major oil companies, dealers and supermarket groups - deferred planned new build programmes. 
     By contrast, Petrol Sign bv, acquired in June 2015, produced an exemplary performance emanating 
     from an incredibly busy year restyling petrol station branding in mainland Western Europe. 
     This success partially offset the effects of the slowdown on other parts of the division. 
 
    Outlook 
 
    Notwithstanding current negativity in some markets and the fact that growth is continuing 
     to slow virtually everywhere, we have the desire, commitment and resources to maintain a positive 
     stance and, most significantly, we have the ability to invest in the future with new products 
     and facilities whilst reaching out to the opportunities that we perceive are accessible in 
     areas that are new to us. In the meantime our priority is to go forward on all fronts and 
     successfully contend with the existent tough market conditions. 
 
    'Defence' - despite the many global security fears, persisting or emerging, there is yet to 
     be any meaningful evidence of the anticipated upturn in defence budgets by governments around 
     the world. As is the case for many global suppliers of defence equipment and services, the 
     fragility of this anticipated upturn remains a salient feature in our future business planning 
     and expectations. Yet, during this prolonged period of market weakness, our response has been 
     to continue investing in the business and that policy will be maintained, for there is little 
     doubt that much is being achieved and we strongly believe that we are doing the right thing 
     in order to grow the division. Our defence business already enjoys a world class reputation 
     for both products and support services and in order to sustain and advance that status, the 
     structure of the operation is being strengthened, new items are being added to the product 
     portfolio and marketing has been intensified in both home and international markets. 
 
    'Forgings' - many of our global customers in the manufacture of mobile handling plant and 
     equipment have already chronicled the negative effects of the economic downturn on their businesses. 
     Clearly it may take some time for there to be any sign of a real recovery in these markets. 
     Accordingly, our attention is focused on maintaining tight cost control and seeking any operational 
     efficiencies to ensure that we maintain our highly creditable and enviable reputation as a 
     strong, reliable and cost effective supplier. In the United States we are in the construction 
     phase of a new manufacturing facility to replace the much smaller property nearby. In preparation 
     for the relocation, additional state of the art plant and equipment is currently being assembled 
     for installation in the new facility later this year. 
 
    'Petrol Station Superstructures'- the division is seeing a good number of the new station 
     builds that customers postponed last year now being resurrected for construction in the current 
     year. With the summer construction period approaching full swing, there has been a significant 
     upturn in order intake over recent weeks from our traditional markets in the UK, Eire and 
     Eastern Europe. Following the integration of Petrol Sign into the Group, two new 'Petrol Sign' 
     branding business operations have been established one here in the UK and the other in Germany. 
     In addition, a forecourt superstructures operation has been opened in The Netherlands to strengthen 
     the company's market position in mainland Western Europe. We are greatly encouraged by the 
     positive response of the petrol station forecourt market to our business expansion programmes. 
 
    Overall, the Group now has some very positive initiatives in place and, despite the current 
     difficult worldwide trading environment, much is being achieved and some very interesting 
     opportunities are opening up. 
 
    All matters considered the Board recommends the payment of a maintained final dividend of 
     6.5p per share (2015 - 6.5p), making the total for the year of 8p (2015 - 8p). The final dividend 
     is expected to be paid on 21st July 2016 to those shareholders on the register at the close 
     of business on 24(th) June 2016 
 
 
    Michael Bell 
    9th June 2016 
 
 
 For any further information 
  please contact: 
 MS INTERNATIONAL plc                        Tel: 01 302 322133 
  Michael Bell 
 
 Shore Capital                            Tel: (0) 20 7408 4090 
  Nomad and Broker 
  Bidhi Bhoma/Patrick Castle 
 
 
 
  Consolidated income statement 
 For the 52 weeks ended 30th April, 2016 
                                                                                               2016       2015 
                                                                                              Total      Total 
                                                                                             GBP000     GBP000 
 
 Revenue                                                                                     49,282     45,503 
 Cost of sales                                                                             (36,413)   (34,763) 
 
 
 Gross profit                                                                                12,869     10,740 
 
 
 Distribution costs                                                                         (3,104)    (2,357) 
 Administrative expenses                                                                    (7,909)    (6,643) 
-------------------------------------------------------------------                       ---------  --------- 
 
                                                                                           (11,013)    (9,000) 
 
 
 Group operating profit                                                                       1,856      1,740 
 
 Finance revenue                                                                                 47         70 
 Finance costs                                                                                  (5)       (32) 
 Other finance costs - pensions                                                               (216)      (237) 
                                                                                          ---------  --------- 
                                                                                              (174)      (199) 
 ------------------------------------------------------------------ 
 
 Profit before taxation                                                                       1,682      1,541 
 
 Taxation                                                                                      (98)      (188) 
 
 
 Profit for the period attributable to equity holders of the parent                           1,584      1,353 
 
 
 
 Earnings per share: basic and diluted                                                         9.6p       8.2p 
 
 
 
 Consolidated and company statement of comprehensive income 
 For the 52 weeks ended 30th April, 2016 
                                                                                  Group            Company 
                                                                          2016      2015       2016       2015 
                                                                         Total     Total      Total      Total 
                                                                        GBP000    GBP000     GBP000     GBP000 
 
 Profit for the period attributable to equity holders of the parent      1,584     1,353      1,755        955 
 
 Exchange differences on retranslation of foreign operations               228     (106)          -          - 
 
 Net other comprehensive profit/(loss) to be reclassified to profit 
  or loss in subsequent periods                                            228     (106)          -          - 
 
 
 Remeasurement losses on defined benefit pension scheme                  (826)     (964)      (826)      (964) 
 Deferred taxation on remeasurement losses on defined benefit 
  scheme                                                                   165       193        165        193 
 Change in taxation rates                                                (153)         -      (153)          - 
 
 Net other comprehensive loss not being reclassified to profit or 
  loss in subsequent periods                                             (814)     (771)      (814)      (771) 
 
 
 
 Total comprehensive income for the period attributable to equity 
  holders of the parent                                                    998       476        941        184 
                                                                     ---------  --------  ---------  --------- 
 
 
 
Consolidated and company statement of changes in equity 
 
                   Issued     Capital     Other  Revaluation  Special   Foreign  Treasury  Retained     Total 
                  capital  redemption  reserves      reserve  reserve  exchange    shares  earnings 
                              reserve                                   reserve 
                  GBP'000     GBP'000   GBP'000      GBP'000  GBP'000   GBP'000   GBP'000   GBP'000   GBP'000 
 
(a) Group 
At 3rd May, 
 2014               1,840         901     2,815        4,146    1,629     (183)   (3,059)    21,054    29,143 
 
Profit for the 
 period                 -           -         -            -        -         -         -     1,353     1,353 
Other 
 comprehensive 
 loss                   -           -         -            -        -     (106)         -     (771)     (877) 
                  -------              --------                                            --------  -------- 
Total 
 comprehensive 
 (loss)/income          -           -         -            -        -     (106)         -       582       476 
Dividends paid          -           -         -            -        -         -         -   (1,320)   (1,320) 
 
 
At 2nd May, 
 2015               1,840         901     2,815        4,146    1,629     (289)   (3,059)    20,316    28,299 
 
Profit for the 
 period                 -           -         -            -        -         -         -     1,584     1,584 
Other 
 comprehensive 
 income/(loss)          -           -         -            -        -       228         -     (814)     (586) 
                  -------  ----------  --------  -----------  -------  --------  --------  --------  -------- 
Total 
 comprehensive 
 income                 -           -         -            -        -       228         -       770       998 
Dividends paid          -           -         -            -        -         -         -   (1,320)   (1,320) 
Change in 
 taxation rates         -           -         -           83        -         -         -         -        83 
Depreciation of 
 buildings 
 revaluation            -           -         -          (7)        -         -         -         7         - 
 
 
At 30th April, 
 2016               1,840         901     2,815        4,222    1,629      (61)   (3,059)    19,773    28,060 
 
 
(b) Company 
At 3rd May, 
 2014               1,840         901     1,565        4,240    1,629         -   (3,059)    18,690    25,806 
 
Profit for the 
 period                 -           -         -            -        -                   -       955       955 
Other 
 comprehensive 
 loss                   -           -         -            -        -         -         -     (771)     (771) 
                  -------  ----------  --------  -----------  -------  --------  --------  --------  -------- 
Total 
 comprehensive 
 income                 -           -         -            -        -         -         -       184       184 
Dividends paid          -           -         -            -        -         -         -   (1,320)   (1,320) 
 
 
At 2nd May, 
 2015               1,840         901     1,565        4,240    1,629         -   (3,059)    17,554    24,670 
 
Profit for the 
 period                 -           -         -            -        -         -         -     1,755     1,755 
Other 
 comprehensive 
 loss                   -           -         -            -        -         -         -     (814)     (814) 
                  -------  ----------  --------  -----------  -------  --------  --------  --------  -------- 
Total 
 comprehensive 
 income                 -           -         -            -        -         -         -       941       941 
Dividends paid          -           -         -            -        -         -         -   (1,320)   (1,320) 
Dividend 
 received from 
 subsidiary             -           -         -            -        -         -         -       171       171 
Change in 
 taxation rates         -           -         -           83        -         -         -         -        83 
Depreciation of 
 buildings 
 revaluation            -           -         -          (7)        -         -         -         7         - 
 
 
At 30th April, 
 2016               1,840         901     1,565        4,316    1,629         -   (3,059)    17,353    24,545 
 
 
 
 
 Consolidated statements of financial position 
 At 30th April, 2016 
                                                   Group             Company 
                                            2016      2015      2016      2015 
                                         GBP'000   GBP'000   GBP'000   GBP'000 
 ASSETS 
 Non-current assets 
 Property, plant and equipment            15,955    14,563    12,869    12,608 
 Intangible assets                         5,671     3,818         4        13 
 Investments in subsidiaries                   -         -    14,170    11,741 
 Deferred income tax asset                 1,376     1,376     1,376     1,376 
 
 
                                          23,002    19,757    28,419    25,738 
 
 
 Current assets 
 Inventories                               7,043     8,464     5,808     7,393 
 Trade and other receivables               8,996     9,454     9,655     9,252 
 Income tax receivable                       118        40         -         - 
 Prepayments                                 784       590       682       495 
 Cash and short-term deposits             12,758    17,148    11,017    16,199 
 
 
                                          29,699    35,696    27,162    33,339 
 
 
 
 
 
 TOTAL ASSETS                             52,701    55,453    55,581    59,077 
 
 
 
 EQUITY AND LIABILITIES 
 Equity 
 Equity share capital                      1,840     1,840     1,840     1,840 
 Capital redemption reserve                  901       901       901       901 
 Other reserve                             2,815     2,815     1,565     1,565 
 Revaluation reserve                       4,222     4,146     4,316     4,240 
 Special reserve                           1,629     1,629     1,629     1,629 
 Currency translation reserve               (61)     (289)         -         - 
 Treasury shares                         (3,059)   (3,059)   (3,059)   (3,059) 
 Retained earnings                        19,773    20,316    17,353    17,554 
 
 
                                          28,060    28,299    24,545    24,670 
 
 
 Non-current liabilities 
 Defined benefit pension liability         7,644     6,877     7,644     6,877 
 Deferred income tax liability             1,590     1,283       987       984 
 
 
                                           9,234     8,160     8,631     7,861 
 
 
 Current liabilities 
 Trade and other payables                 15,253    18,994    22,270    26,454 
 Income tax payable                          154         -       135        92 
 
 
                                          15,407    18,994    22,405    26,546 
 
 
 
 
 
 TOTAL EQUITY AND LIABILITIES             52,701    55,453    55,581    59,077 
 
 
 
 
 Cash flow statements 
 For the 52 weeks ended 30th April, 2016                                    Group              Company 
                                                                        2016      2015      2016      2015 
                                                                      GBP000    GBP000    GBP000    GBP000 
 
 
 Profit before taxation                                                1,682     1,541     1,880       943 
 Adjustments to reconcile profit before taxation to net cash in 
 flow from operating activities 
 Depreciation charge                                                   1,060     1,117       861       931 
 Amortisation charge                                                     609       317         9         8 
 Impairment in investment in subsidiary undertaking                        -         -        28        88 
 Administration expenses-pension fund                                    320       316       320       316 
 Profit on sale of fixed assets                                         (98)      (78)      (91)      (75) 
 Finance costs                                                           174       199       170       178 
 Foreign exchange gains                                                   83        65         -         - 
 Decrease/(increase) in inventories                                    2,394     (302)     1,585     (143) 
 Decrease/(increase) in receivables                                      840   (1,194)     (403)     (976) 
 Increase in prepayments                                               (194)     (143)     (187)     (132) 
 Decrease in payables                                                (1,981)     (389)   (1,705)      (38) 
 (Decrease)/increase in progress payments                            (2,479)     4,158   (2,479)     4,198 
 Pension fund payments                                                 (595)     (529)     (595)     (529) 
 
 
 Cash generated from operating activities                              1,815     5,078     (607)     4,769 
 
 Interest received                                                        42        38        46        59 
 Taxation (paid)/received                                              (134)     (288)        16      (41) 
 
 
 Net cash inflow/(outflow) from operating activities                   1,723     4,828     (545)     4,787 
 
 Investing activities 
                                                                    --------  --------  --------  -------- 
 Acquisition of Petrol Sign bv                                       (2,612)         -   (2,438)         - 
 Investment in Petrol Sign GmbH                                            -         -      (19)         - 
 Purchase of property, plant and equipment                           (2,330)     (833)   (1,172)     (693) 
 Sale of property, plant and equipment                                   149       187       141       184 
                                                                    --------  --------            -------- 
 
 
 Net cash outflow from investing activities                          (4,793)     (646)   (3,488)     (509) 
 
 
 Financing activities 
 Dividends paid                                                      (1,320)   (1,320)   (1,320)   (1,320) 
 Dividend received from subsidiary                                         -         -       171         - 
 
 
 Net cash outflow from financing activities                          (1,320)   (1,320)   (1,149)   (1,320) 
 
 
 (Decrease)/Increase in cash and cash equivalents                    (4,390)     2,862   (5,182)     2,958 
 Opening cash and cash equivalents                                    17,148    14,286    16,199    13,241 
 
 
 Closing cash and cash equivalents                                    12,758    17,148    11,017    16,199 
 
 
 
 
The financial information set out above does not constitute the Company's statutory accounts 
for the periods ended 30th April, 2016 or 2(nd) May, 2015 but is derived from those accounts. 
Statutory accounts for 2015 have been delivered to the Registrar of Companies, and those for 
2016 will be delivered following the Company's Annual General Meeting. The auditors have 
reported 
on those accounts; their reports were unqualified and did not contain a statement under section 
498 (2) or (3) of the Companies Act 2006. 
 
1    Segment 
     information 
 
     The following table presents revenue and profit and certain assets and liability 
     information 
     regarding the Group's divisions for the periods ended 30th April, 2016 and 2nd May, 2015. 
     The reporting format is determined by the differences in manufacture and services provided 
     by the Group. The Defence division is engaged in the design, manufacture and service of 
     defence 
     equipment. The Forgings division is engaged in the manufacture of forgings. The Petrol 
     Station 
     Superstructures division is engaged in the design, manufacture, construction, branding, 
     maintenance 
     and restyling of petrol station superstructures. 
 
 
     Management monitors the operating results of its business units separately for the purpose 
     of making decisions about resource allocation and performance assessment. Segment 
     performance 
     is evaluated based on operating profit or loss which in certain respects, as explained in 
     the table below, is measured differently from operating profit or loss in the consolidated 
     financial statements. Group financing (including finance costs and finance revenue) and 
     income 
     taxes are managed on a group basis and are not allocated to operating segments. 
 
                                   Defence          Forgings    Petrol Station        Total 
                                                                Superstructures 
                               2016    2015    2016      2015     2016      2015    2016    2015 
                             GBP000  GBP000  GBP000    GBP000   GBP000    GBP000  GBP000  GBP000 
     Revenue 
     External                21,907  17,010  11,922    15,120   15,453    13,373  49,282  45,503 
 
 
     Total revenue           21,907  17,010  11,922    15,120   15,453    13,373  49,282  45,503 
 
 
 
     Segment result           1,787   (247)   (343)     1,250      412       737   1,856   1,740 
     Net finance costs                                                             (174)   (199) 
 
 
     Profit before 
      taxation                                                                     1,682   1,541 
     Taxation                                                                       (98)   (188) 
 
 
     Profit for the 
      period                                                                       1,584   1,353 
 
 
 
     Segmental assets        24,607  28,460   5,250     6,299   12,132     5,209  41,989  39,968 
     Unallocated assets 
      (see below)                                                                 10,712  15,485 
 
 
     Total assets                                                                 52,701  55,453 
 
 
     Segmental 
      liabilities            10,411  14,407   1,378     1,609    3,454     2,045  15,243  18,061 
     Unallocated 
      liabilities (see 
      below)                                                                       9,398   9,093 
 
 
     Total liabilities                                                            24,641  27,154 
 
 
     Capital expenditure        214      82   1,443       526      550       168 
     Depreciation               233     217     362       424      911       276 
 
 
 
     Unallocated assets includes certain fixed assets, intangible assets, current assets and 
      deferred 
      tax assets. Unallocated liabilities includes the defined pension benefit scheme liability 
      and certain current liabilities. 
     Following the acquisition of Petrol Sign bv, management have revised the allocation of 
      certain 
      costs which has led to a restatement of the prior year segment result for the three 
      divisions. 
      The total segment result of the Group for the prior year remains unchanged. 
 
 
 
 
 
 
       Geographical 
       analysis 
 
     The following table presents revenue and expenditure and certain assets and liabilities 
      information 
      by geographical segment for the periods ended 30th April, 2016 and 2nd May, 2015. The 
      Group's 
      geographical segments are based on the location of the Group's assets. Revenue from 
      external 
      customers is based on the geographical location of its customers. 
 
                                                    North           Rest of the 
                                  Europe           America             World            Total 
 
 
 
                                              2016        2015                2016    2015    2016    2015    2016    2015 
                                            GBP000      GBP000              GBP000  GBP000  GBP000  GBP000  GBP000  GBP000 
 
      Revenue 
 External                                   39,238      36,255               3,935   4,810   6,109   4,438  49,282  45,503 
 
 Non-current assets                         21,683      19,457               1,246     192      73     108  23,002  19,757 
 Current assets                             27,544      34,063               1,483   1,432     672     201  29,699  35,696 
 Liabilities                                22,675      26,876               1,531     259     435      19  24,641  27,154 
 
 Capital expenditure                         1,261         698               1,069     135       -       -   2,330     833 
 
 
 
      Information about 
      major customers                                                                                         2016    2015 
      Revenue from major customers arising from sales reported in the Defence segment:                      GBP000  GBP000 
      Customer 1                                                                                            10,042       - 
 Customer 1                                                                                                      -  10,715 
 
 
      Employee 
2     Information                                                                                             2016    2015 
                                                                                                            Number  Number 
      The average number of employees, including executive directors, during the period was: 
 Production                                                                                                    237     210 
 Technical                                                                                                      68      65 
 Distribution                                                                                                   31      27 
 Administration                                                                                                 59      54 
 
 
                                                                                                               395     356 
 
 
 
(a)   Staff costs                                                                                             2016    2015 
      Their, including executive directors, employment costs were as 
      follows:                                                                                              GBP000  GBP000 
 Wages and 
  salaries                                                                                                  11,558  11,967 
 Social Security 
  costs                                                                                                      1,227   1,313 
 Other pension 
  costs                                                                                                        412     506 
 
 
                                                                                                            13,197  13,786 
 
 
 
                                                                                                              2016    2015 
(b)   Directors' 
      emoluments                                                                                            GBP000  GBP000 
 Aggregate directors' emoluments                                                                             1,130   1,141 
 
 
 
 
 
 3      Taxation 
 
        The charge for taxation comprises:                 2016     2015 
                                                         GBP000   GBP000 
        Current tax 
  United Kingdom corporation tax                             83       19 
  Tax over provided in previous years                      (82)      (5) 
  Foreign corporation tax                                   150      286 
 
 
  Group current tax                                         151      300 
 
 
        Deferred tax 
  Origination and reversal of temporary 
   differences                                             (54)     (50) 
  Adjustments in respect of prior years                      37     (62) 
        Impact of reduction in deferred tax rate 
         to 18%                                            (36)        - 
 
 
  Group deferred tax                                       (53)    (112) 
 
 
  Tax on profit                                              98      188 
 
 
 
        Tax relating to items charged or credited 
         to other comprehensive income 
        Deferred tax 
  Deferred tax on remeasurement losses 
   on pension scheme current year                         (165)    (193) 
        Impact of reduction in deferred tax rate 
         to 18%                                             153        - 
 
 
  Income tax in the statement of comprehensive 
   income                                                  (12)    (193) 
 
 
 
        Factors affecting the tax charge for 
  (b)    the year 
 
        The tax assessed for the period differs to the standard 
         rate of corporation tax in the UK (20%) (2015 - 21%). 
         The differences are explained below: 
 
                                                           2016     2015 
                                                         GBP000   GBP000 
 
  Profit before tax                                       1,682    1,541 
 
 
  Profit multiplied by standard rate of 
   corporation tax of 20% (2015 - 21%)                      336      324 
 
  Expenses not deductible for tax purposes                (157)     (69) 
  Adjustment in respect of prior periods                   (45)     (67) 
        Impact of reduction in deferred tax rate 
         to 18%                                            (36)        - 
 
 
  Total tax charge for the period                            98      188 
 
 
 
 4       Earnings per share 
 
        The calculation of basic earnings per 
         share is based on: 
 
        (a) Profit for the period attributable to equity holders 
         of the parent of GBP1,584,000 (2015 - GBP1,353,000). 
 
        (b) 16,504,691 (2015 - 16,504,691) Ordinary shares, 
         being the weighted average number of Ordinary shares 
         in issue. 
 
        This represents 18,396,073 (2015 - 18,396,073) being 
         the weighted average number of Ordinary shares in 
         issue less 1,891,382 (2015 - less 1,891,392) being 
         the weighted average number of shares both held within 
         the ESOT 245,048 (2015 - 245,048) and purchased by 
         the Company 1,646,334 (2015 - 1,646,334). 
 
 
 
 5      Dividends paid and proposed                        2016     2015 
                                                         GBP000   GBP000 
        Declared and paid during the year 
        On Ordinary shares 
    Final dividend for 2015 : 6.50p (2014 
     - 6.50p)                                             1,073    1,073 
    Interim dividend for 2016 : 1.50p (2015 
     - 1.50p)                                               247      247 
 
 
                                                          1,320    1,320 
 
 
        Proposed for approval by shareholders 
         at the AGM 
    Final dividend for 2016 : 6.50p (2015 
     - 6.50p)                                             1,073    1,073 
 
 
 
 
 6    Trade and other receivables 
                                                       Group                             Company 
                                                   2016             2015           2016           2015 
                                                 GBP000           GBP000         GBP000         GBP000 
  Trade receivables                               7,744            7,772          6,578          6,646 
  Retentions on contracts                         1,188            1,681          1,188          1,681 
 Amounts owed by subsidiary 
  undertakings                                        -                -          1,874            924 
  Other receivables                                  64                1             15              1 
 
 
                                                  8,996            9,454          9,655          9,252 
 
 
       Gross amounts due from customers 
           for contract work - included 
                                  above           1,861            2,172          1,666          1,905 
 
 
     The aggregate amount of costs incurred and recognised profits to date on contracts is 
     GBP10,775,000 
     (2015 - GBP13,280,000). 
 
     (a) Trade receivables are 
     denominated in the following 
     currencies 
                                                      Group                              Company 
                                                   2016             2015           2016           2015 
                                                 GBP000           GBP000         GBP000         GBP000 
 Sterling                                         6,019            6,545          6,019          6,545 
 Euro                                               983              236            559            101 
 US dollar                                          361              643              -              - 
 Other currencies                                   381              348              -              - 
 
 
                                                  7,744            7,772          6,578          6,646 
 
 
 
 
 
     Trade receivables are non-interest bearing and are generally on 30 days terms and are shown 
      net of provision for impairment. The aged analysis of trade receivables not impaired is as 
      follows: 
 
     Group           Total     Not past    < 30 days    30-60 days             60-90 days      > 90 days 
                                    due 
                    GBP000       GBP000       GBP000        GBP000                 GBP000         GBP000 
 2016                7,744        6,026        1,424           269                      9             16 
 2015                7,772        6,328        1,224            98                    105             17 
 
     As at 30th April, 2016 trade receivables at a nominal value of GBP102,000 (2015 - GBP52,000) 
      were impaired and fully provided. Bad debts of GBP51,000 (2015 - GBP151,000) were recovered 
      and bad debts of GBP24,000 (2015 - GBP42,000) were incurred. 
 
     Company 
 2016                6,578  5,182              1,158           238                      -  - 
 2015                6,646  5,604                905            57                     80  - 
 
     As at 30th April, 2016 trade receivables at a nominal value of GBP39,000 (2015 - GBP39,000) 
      were impaired and fully provided. Bad debts of GBP8,000 (2015 - GBP143,000) were recovered 
      and bad debts of GBP23,000 (2015 - GBP15,000) were incurred. 
 
     (b) Retentions on contracts are denominated in 
     the following currencies 
                                                   Group                                   Company 
                                                2016          2015    2016                                  2015 
                                              GBP000        GBP000  GBP000                                GBP000 
 Sterling                                      1,188         1,681   1,188                                 1,681 
     Euro                                          -             -       -                                     - 
     US dollar                                     -             -       -                                     - 
     Other                                         -             -       -                                     - 
     currencies 
 
 
                                               1,188         1,681   1,188                                 1,681 
 
 
     Retentions on contracts are non interest bearing and represent amounts contractually retained 
      by customers on completion of contracts for specific time periods as follows: 
 
     Group                        Total      Up to 6        6 - 12  12 - 18 months               18 - 24 
                                              months        months                                months 
                                 GBP000       GBP000        GBP000          GBP000                GBP000 
 2016                             1,188        1,188             -               -                     - 
 2015                             1,681        1,681             -               -                     - 
 
 
     Company 
 
 2016                             1,188        1,188             -               -                     - 
 2015                             1,681        1,681             -               -                     - 
 
 
 
 
 7   Cash                                          Group                               Company 
                                                2016          2015            2016                  2015 
                                              GBP000        GBP000          GBP000                GBP000 
 Cash at bank 
  and in hand                                  7,420         9,884           5,715                 8,935 
 Short term 
  deposits                                     5,338         7,264           5,302                 7,264 
 
 
                                              12,758        17,148          11,017                16,199 
 
 
 8   Reserves 
 
     Share 
     Capital 
     The balance classified as share capital includes the nominal value on issue of the Company's 
      equity share capital, comprising 10p Ordinary shares. 
 
     Capital 
     redemption 
     reserve 
     The balance classified as capital redemption reserve represents the nominal value of issued 
      share capital of the Company, repurchased. 
 
     Other 
     reserve 
     This is the revaluation reserve previously arising under UK GAAP which is now part of 
     non-distributable 
     retained reserves. 
 
     Revaluation 
     reserve 
     The asset revaluation reserve is used to record increases in the fair value of land and buildings 
     and decreases to the extent that such decrease relates to an increase on the same assets previously 
     recognised in equity. This also includes the impact of the change in related deferred tax 
     due to the change in corporation tax (20% to 18%). 
 
     Special 
     reserve 
     The balance classified as special reserve represents the share premium on the issue of the 
      Company's equity share capital. 
 
     Currency 
     translation 
     reserve 
     The foreign currency translation reserve is used to record exchange differences arising from 
      the translation of the financial statements of foreign subsidiaries. It is also used to record 
      the effect of hedging net investments in foreign operations. 
 
     Treasury 
     Shares 
                                                                              2016                  2015 
                                                                            GBP000                GBP000 
 Employee 
  Share 
  Ownership 
  Trust                                                                        100                   100 
 Shares in 
  treasury 
  (see below)                                                                2,959                 2,959 
 
 
                                                                             3,059                 3,059 
 
 
     During 1991 the Company established an Employee Share Ownership Trust ("ESOT"). The trustee 
      of the ESOT is Appleby Trust (Jersey) Ltd, an independent company registered in Jersey. The 
      ESOT provides for the issue of options over Ordinary shares in the Company to Group employees, 
      including executive directors, at the discretion of the Remuneration Committee. 
 
     The trust has purchased an aggregate 245,048 (2015 - 245,048) Ordinary shares, which represents 
      1.3% (2015 - 1.3%) of the issued share capital of the Company at an aggregate cost of GBP100,006. 
      The market value of the shares at 30th April, 2016 was GBP448,000 (2015 - GBP346,000). The 
      Company has made payments of GBPNil (2015 - GBPNil) into the ESOT bank accounts during the 
      period. No options over shares (2015 - Nil) have been granted during the period. Details of 
      the outstanding share options, for Directors are included in the Directors' remuneration report. 
 
     The assets, liabilities, income and costs of the ESOT have been incorporated into the Company's 
      financial statements. Total ESOT costs charged to the income statement in the period amounts 
      to GBP7,000 (2015 - GBP4,000). During the period no options on shares were exercised (2015 
      - Nil) and no shares were purchased (2015 - Nil). 
 
     The Company made the following purchases of its own 10p Ordinary shares to be held in Treasury: 
                                                                                                  GBP000 
 11th December, 2013 1,000,000 shares from the Group's pension 
  scheme.                                                                                          1,722 
 30th January, 2014 
  646,334 shares                                                                                   1,237 
 
 
                                                                                                   2,959 
 
 
 
 
 
 
9   Petrol Sign bv 
    On the 17th June, 2015 the Company acquired the entire issued share capital of 
    Petrol Sign 
    bv, a Company based in The Netherlands from Lambooij Holdings B.V. The 
    consideration for the 
    acquisition was EUR3,400,000 and was paid in cash on completion. 
 
    Petrol Sign bv designs, restyles, produces and installs the complete 
    appearance of petrol 
    station superstructures and forecourt. The acquisition will enhance and widen 
    the ability 
    of our Petrol Station Superstructure Division to offer a more complete package 
    of services 
    to customers. 
 
    The fair values of the identifiable assets and liabilities of Petrol Sign bv 
    as at the date 
    of acquisition were: 
                                                                          GBP000 
    Fair value recognised on acquisition 
 Customer relationships                                                    1,332 
 Order backlog                                                               178 
 Non-compete                                                                  43 
 Trade name                                                                  147 
 Plant and equipment                                                         171 
 Inventories                                                                 973 
 Receivables                                                                 382 
 Payables                                                                  (719) 
 Bank Overdraft                                                            (174) 
 Income tax                                                                 (58) 
 Deferred tax                                                              (425) 
 
 
 Total identifiable net assets at fair value                               1,850 
 Goodwill arising on acquisition                                             588 
 
 
 Total purchase consideration transferred                                  2,438 
 
 
    Analysis of net cash acquired 
 Cash purchase consideration                                             (2,438) 
 Cash and short term deposits acquired                                     (174) 
 
 
 Net cash acquired with subsidiary                                       (2,612) 
 
 
 
 The goodwill of GBP588,000 comprises certain intangible assets that cannot be 
  individually 
  separated from the acquiree due to their nature. These items include the 
  expected value of 
  synergies and an assembled workforce. Goodwill is allocated entirely to the 
  petrol station 
  superstructures unit. None of the goodwill is expected to be deductible for 
  income tax purposes. 
 Transaction costs of GBP104,000 have been expensed and included 
  in administration costs. 
 
 From the date of acquisition Petrol Sign bv has contributed GBP4,726,000 of 
  revenue and a 
  profit of GBP405,000 to the profit before tax from continuing operations of the 
  Group. If 
  the combination had taken place at the beginning of the year the consolidated 
  profit of the 
  Group would have been GBP1,692,000 and the revenue of the Group would have been 
  GBP49,309,000 
 
 
 
 
The preliminary announcement is prepared on the same basis as set out in the previous year's 
 accounts. 
 
The Directors confirm to the best of their knowledge that: 
(a) the financial statements, prepared in accordance with International Financial Reporting 
 Standards, give a true and fair view of the assets, liabilities, financial position and profit 
 or loss of the group and the undertakings included in the consolidation taken as a whole; 
 and 
 
(b) the Chairman's Statement includes a fair review of the development and performance of 
 the business and the position of the group and the undertakings included in the consolidation 
 taken as a whole, together with a description of the principal risks and uncertainties that 
 they face. 
 
The preliminary announcement was approved by the Board on 9th June, 2016 and the above responsibility 
statement was signed on its behalf by Michael Bell, Executive Chairman and Michael O'Connell, 
Group Finance Director. 
 
Copies of this announcement are available from the Company's registered office at MS INTERNATIONAL 
 plc, Balby Carr Bank, Doncaster, DN4 8DH, England. The full Annual Report and Accounts will 
 be posted to shareholders shortly and will be available on our website at www.msiplc.com and 
 will be delivered to the Registrar of Companies after it has been laid before the Company 
 in general meeting. 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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